2/15/10 Mon. Stock Market Closed for Pres.'s Day

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Post #295 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 2/1/10 and an update of the Dow 30 component's most recent SEC filings as of 2/1/10.

From Market Watch 12:19 pm says US Markets are closed today. European shares rise for fifth time in six sessions. By Sarah Turner, MarketWatch

LONDON (MarketWatch) -- European shares closed higher Monday, rising for the fifth time in six sessions, boosted by gains in the airline sector and a broker upgrade for automaker Renault.

The pan-European Dow Jones rose 0.4% to end at 241.92, extending gains from the previous week when the index rose 1.5%. Last week's action was dominated by hopes for a rescue plan for Greece, which culminated in a statement of support from European leaders. The topic is set to be a top item at a meeting of European finance ministers in the early part of this week.

"E.U. political support is not meaningless, but markets may want to be convinced that Greece is delivering on its consolidation and reform targets first," said strategists at Deutsche Bank.

Disgruntled German voters, the European Commission's new point man on economic and monetary affairs and European Central Bank President Jean-Claude Trichet put added pressure on Greece to further tighten its belt Monday and the euro declined 0.6% to $1.3603 against the dollar. Read more on Greece.

Within regional equity markets, the U.K. FTSE 100 index finished 0.5% higher at 5,167.47, the German DAX index climbed 0.2% to end at 5,511.10 and the French CAC-40 index) rose 0.3% to settle at 3,609.22.

Asian shares ended mostly lower. The U.S. equity market was closed Monday for the Presidents Day holiday.
6

Helping the broader advance in Europe on Monday, British Airways jumped 2.6%.

Over the weekend, AMR Corp.'s American Airlines said that the U.S. Department of Transportation has tentatively approved a proposed transatlantic travel alliance with British Airways, BA's merger partner Iberia Airlines , down 2.6%, and Royal Jordanian.

"Not only is this positive news for the carrier, but the terms of the draft agreement are also said to be considered light, with the regulator looking for the alliance to give up only four takeoff and landing slots between the U.S. and Heathrow," said analysts at Goodbody Stockbrokers.

Meanwhile, German-based tourism firm Tui AG climbed 9.3% after reporting that its fiscal first-quarter net loss narrowed to 102.8 million euros from 155.1 million euros in the year-earlier period.

"Bookings in the key source markets have improved notably in the past few weeks," Tui said.

French industrial gases group Air Liquide rose 1.3% after reporting its 2009 net income rose 0.8% to 1.23 billion euros, due to efficiency gains.

Renault jumped 2.4% after the French auto maker was upgraded to overweight from underweight at Morgan Stanley. The broker said the three cash-flow issues that kept it underweight have begun to recede.

"Renault has reached agreement over AvtoVAZ, Volvo has taken a significant step towards delevering its balance sheet, and our Japanese research team sees increased probability of positive earnings surprises at Nissan," it said.

On the downside, shares of Norwegian fertilizer group Yara International dropped 6.9%. It said that it will pay $41.10 a share, or $4.1 billion in total, for Terra Industries Inc.

Yara said the deal will improve its position in the U.S.

Yara intends to issue shares to raise $2 billion to $2.5 billion and also said that it swung to fourth-quarter net income of 1.4 billion Norwegian kroner ($236 million) from a loss of 2.1 billion kroner a year ago. Read more on Yara deal.

Meanwhile, British engineering services firm VT Group rose 15% to close at 584 pence. The rise came after engineering support services provider Babcock International Group said it had made an "indicative proposal" on Feb. 3 to acquire VT Group in a deal valued at around 1.16 billion pounds.

Under the proposal, company offered 245.5 pence in cash plus 0.701 new Babcock shares for each VT share, an amount equal to 633.9 pence per VT share, Babcock said.

Babcock, which declined 8.8%, said the VT board had rejected the proposal and declined to enter into discussions with Babcock.

Shares of Mouchel Group, which had climbed earlier on news of an offer from VT Group, ended 11.9% lower. VT had proposed Mouchel shares to be swapped for 0.579 VT shares.

Also, Maurel & Prom shares dropped 6.6% after it said that it will plug and abandon its M'Bafou well in the Congo.

"The characteristics of the reservoir aren't good enough to allow a production," the oil firm said. End of Market Watch.

The Dow Jones Industrial Average closed Friday at 10,099.14 down 45.05 or 0.44% from Thursday's close of 10,144.19. For the week the Dow is up 86.91 or 0.87% from last Friday's close of 10,012.23. Of the 30 Dow Companies: 8 gained and 22 declined. The biggest gainer dollar-wise and percentage-wise was Intel INTC $20.43 +0.37 1.84% 88,438,933 NASDAQ-GS. The biggest decliner dollar-wise was 3M MMM $79.18 -1.09 1.36% 5,426,379 NYSE and percentage-wise was Alcoa AA $13.28 -0.30 2.21% 46,030,750 NYSE.

As of the open of the market Monday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Journal is 0.132319125 unchanged, the trailing P/E ratio is 16.43 up from Thursday morning's 16.26 (year ago it was 18.82) the P/E estimate is 12.67 unchanged from Thursday's 12.67 (year ago it was 10.06) and the current dividend yield is 2.68 down from Thursday's 2.71 (it was 3.94 a year ago).

Friday's Dow Jones Industrial Average closing numerator was 1,336.31 down 5.96 from Thursday's closing Dow numerator of 1,342.27. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease of 5.96 for Friday by the divisor you get the decrease in Friday's Dow close of 45.05. A $1 change in the price of any DJIA stock = a 7.56 change in the average.

The average closing price (the closing numerator divided by 30) of Friday's Dow Jones Industrial Average was 44.54 down 0.20 from Thursday's Dow Jones Industrial Average closing price of $44.74. The median closing price of Friday's Dow Jones Industrial Average was 38.69 down 0.02 from Thursday's median closing price of 38.71. The lowest volume was Boeing BA $59.65 -0.94 1.55% 5,147,631 NYSE and the highest volume again was Bank of America BAC $14.45 -0.18 1.23% 161,807,997 NYSE.

If Friday morning before the market opened you had purchased 100 shares of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have made $600 ($134,220 - $133,620).

AT&T T $25.07 -0.12 0.48% 33,941,640 NYSE:

Alcoa AA $13.28 -0.30 2.21% 46,030,750 NYSE:

American Express AXP $38.42 +0.13 0.34% 10,621,137 NYSE:

Bank of America BAC $14.45 -0.18 1.23% 161,807,997 NYSE:

Boeing BA $59.65 -0.94 1.55% 5,147,631 NYSE:

Caterpillar CAT $56.2 +0.05 0.09% 13,418,399 NYSE:

Chevron CVX $71.01 -0.72 1% 13,713,552 NYSE:

Cisco CSCO $23.76 -0.17 0.71% 53,702,642 NASDAQ-GS:

Coca-Cola KO $53.98 -0.24 0.44% 12,251,948 NYSE:

DuPont DD $32.28 -0.27 0.83% 9,642,686 NYSE:

Disney DIS $30.07 -0.09 0.3% 12,744,367 NYSE:

ExxonMobil XOM $64.8 -0.44 0.67% 30,429,962 NYSE:

GE $15.55 -0.22 1.4% 76,047,696 NYSE:

Hewlett-Packard HPQ $48.46 +0.16 0.33% 15,692,102 NYSE:

Home Depot HD $29 +0.01 0.03% 14,977,124 NYSE:

Intel INTC $20.43 +0.37 1.84% 88,438,933 NASDAQ-GS:

IBM $124 -0.27 0.22% 7,978,732 NYSE:

JPMorgan JPM $38.95 -0.07 0.18% 37,883,099 NYSE:

Johnson & Johnson JNJ $62.72 -0.19 0.3% 12,229,184 NYSE:

Kraft KFT $29.09 +0.10 0.34% 64,367,796 NYSE:

McDonald's MCD $63.59 -0.20 0.31% 6,706,099 NYSE:

Merck MRK $36.92 +0.04 0.11% 17,809,442 NYSE:

Microsoft MSFT $27.93 -0.19 0.68% 77,348,621 NASDAQ-GS:

Pfizer PFE $17.8 -0.07 0.39% 50,117,165 NYSE:

Procter & Gamble PG $61.76 -0.20 0.32% 16,144,482 NYSE:

3M MMM $79.18 -1.09 1.36% 5,426,379 NYSE:

Travelers TRV $50.45 +0.25 0.5% 5,789,186 NYSE:

United Technologies UTX $65.69 -1.02 1.53% 7,929,169 NYSE:

Verizon VZ $28.93 -0.11 0.38% 14,194,435 NYSE:

WalMart WMT $52.9 -0.18 0.34% 17,017,773 NYSE:
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Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 2/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $318 [5]
2. Microsoft MSFT 252 [9]
3. WalMart WMT 203 [4]
4. Chevron CVX 180 [2.5]
5. Procter & Gamble PG 180 [3]
6. Johnson & Johnson JNJ 174 [3]
7. GE 173 [10.5]
8. IBM 164 [1.5]
9 JPMorgan Chase 156 [4]
10. Pfizer PFE 152 [8]
11. AT&T 150 [6]
12. BAC 134 [8.5]
13. Cisco CSCO 131 [6]
14. Coke KO 126 [2]
15. Hewlett-Packard HPQ 113 [2]
16. Intel INTC 108 [5.5]
17. McDonald's MCD 106 [1.5]
18. Verizon VZ 84 [3]
19. Merck MRK 81 [2]
20. United Technologies UTX 63 [1]
21. 3M MMM 57 [.5]
22. Disney DIS 57 [2]
23. Home Depot 48 [2]
24. American Express AXP 45 [1]
25. Boeing BA 45 [1]
26. Kraft KFT 41 [1.5]
27. Caterpillar CAT 33 [.5]
28. DuPont DD 30 [1]
29. Travelers 28 [.5]
30. Alcoa AA 13 [1]

Here are the latest SEC filings as of 2/1/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

T AT&T: 1/29/10 8K re: 29,500 employees represented by Communications Workers of America District 3 failed to ratify the tentative labor agreement announced on December 14, 2009.

1/28/10 8K re: 4Q earnings were $0.51 per diluted share compared with $0.41 per share for the 4Q '08. 4Q net income was $3.0 bil compared with $2.4 bil for 4Q '08. Reported earnings for the full year '09 were $2.12 per diluted share, down from $2.16 per share for the full year '0 &net income for '09 was $12.5 bil, down from $12.9 bil for '08.

Alcoa AA: 1/27/10 8K re: contributions to pension plan of stock.

1/25/10 8K re: quarterly dividend on Alcoa’s common stock and preferred stock and that a contribution was authorized of up to $600 million in Alcoa common stock to Alcoa’s defined benefit pension plans.

1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.

American Express AXP: 1/25/10 8K re: increases to the annual base salaries Kenneth I. Chenault, Chairman & CEO from $1,250,000 $2,000,000; Edward P. Gilligan, Vice Chairman from $1,100,000 to $1,450,000; Stephen J. Squeri, Group President – Global Services & Chief Information Officer from $750,000 to $1,000,000; and Daniel T. Henry, Exec. VP & CFO from $700,000 to $850,000.

1/21/10 8K re: 4Q EPS of $0.59, up from $0.26 a year ago & other fin'l results.

1/15/10 8K re: owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months of Oct., Nov. and Dec. '09.

Bank of Am BAC: 1/20/10 8K re: '09 net income of $6.3 bil, compared with net income of $4.0 bil '08. Including preferred stock dividends & the negative impact from the repayment of the U.S. gov’s $45 billion preferred stock investment in the company under the Troubled Asset Relief Program, income applicable to common shareholders was a net loss of $2.2 billion, or $0.29 per diluted share.

1/15/10 8K re: Brian Moynihan, CEO's new senior management team: Steele Alphin, chief admin. officer; Cathy Bessant, Global Technology & Operations exec, David Darnell, pres. of Global Commercial Banking; Barbara Desoer, pres. of Home Loans & Insurance; Anne Finucane, global strategy & marketing officer; Sallie Krawcheck, pres. of Global Wealth & Investment Management; Tom Montag, pres. Global Banking & Markets; Ed O’Keefe, gen'. counsel; Joe Price, president of Consumer, Small Business & Card Banking; Neil Cotty interim CFO; Bruce Thompson chief risk officer; & Greg Curl will focus on key strategic partnerships critical to BAC’s global capabilities.

12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.

Boeing BA: 1/27/10 8K re: 4Q '09 results: rev grew to $17.9 bil & operating margin grew to 9.4% with net income of $1.75 per share. Operating cash flow increased to $3.2 bil.

Caterpiller CAT: 1/27/10 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.

1/27/10 8K re: sales & rev of $32.39 bil for '09, a decrease of 37% from $51.32 biln in '08. Profit per share was $1.43, down 75%. 4Q sales & rev. were $7.9 bil, down 39% from 4Q '08. Profit per share for 4Q was $0.36, down 67% from 4Q '08.

Chevron CVX: 1/29/10 8K re: earnings for 4Q '09: net income was $3.1 bil, down 37% from $4.9 bil in 4Q '08.

12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.

Cisco CSCO: 11/25/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.

Coke KO: 10/29/09 10QA

Disney DIS: 1/22/10 Proxy Statement for '10 Annual Meeting of shareholders, which will be held on Wednesday, 3/10/10 at 10 a.m. at the JW Marriott San Antonio Hill Country in San Antonio, Texas.

1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.

1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.

DuPont DD: 1/26/10 8K re: 4Q EPS of $.48 compared to a 4Q '08 loss of $.70 per share. Sales of $6.4 bil were up 10% vs prior year, led by sales growth greater than 20% for titanium dioxide, electronic materials, performance polymers & seed products.

ExxonMobil XOM: 2/1/10 8K re: 4Q results: earnings were $6,050 mil, a decrease of 23% or $1,770 mil from 4Q '08. EPS were $1.27, a decrease of 18%. Capital & exploration expenditures were $8.3 bil, up 21% from the 4Q '08.

GE: 1/22/10 8K re: 4Q ’09 EPS of $0.28; FY ’09 EPS of $1.03; rev of $41.4 bil for Quarter; $157 bi for Year.

12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.

Hewlett-Packard HPQ: 1/27/10 Def. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, Cal.

1/27/10 8K re: Electronic Data Systems Corporation, which HP acquired in '08 is a defendant in litigation filed in the United Kingdom by Sky Subscribers Services Limited and British Sky Broadcasting Limited in '04 alleging deceit, negligent misrepresentation, negligent misstatement and breach of contract. On 1/26/10, the court issued a decision finding EDS UK liable to BSkyB for deceit in one area of the claim, for negligent misrepresentation and negligent misstatement in another area of the claim, and for breach of contract. The court also dismissed all of BSkyB’s other claims. The court will issue a final quantification of damages at a later date. HP plans to appeal.

Home Depot HD: 12/3/09 10Q

Intel INTC: 1/25/10 8K re: promotions of Renee J. James, Thomas M. Kilroy, Brian M. Krzanich & Stacy J. Smith to sr. vp.

1/15/10 8K re: 4Q earnings of revenue of $10.6B, up 13% sequentially; nearly twice the average seasonal sequential growth seen in 4Q; gross margin of 64.7% was a record, and up 7 points compared to 3Q; operating income of $2.5B was down 3% sequentially, and up 62% from a year ago. Net income of $2.3B was up 23% sequentially, and up 875% from a year ago.

12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.

IBM: 1/29/10 8K re: compensation for its top 5 execs.

1/19/10 8K re: Record diluted earnings per share of $10.01, up 13%; 7th consecutive year of double-digit EPS growth; record net income of $13.4 bil, up 9%; gross profit margin of 45.7%, 6th consecutive year of increase; record free cash flow of $15.1 bil, up $0.8 bil.

JPMorganChase JPM: 1/25/10 8K re: amendments to By-laws re: special meetings of stockholders.

1/19/10 8K re: 4Q results.

Kraft KFT: 2/1/10 8K re: further details about the dealing facilities that will be available to accepting Cadbury Securityholders who hold their Cadbury Shares or Cadbury ADSs in certificated form.

1/27/10 8K re: Kraft reduced the number of acceptances required to fulfil the Acceptance Condition of the recommended Final Offer for Cadbury from 90% to 50% plus one Cadbury Share.

1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.

12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.

McDonalds MCD: 1/26/10 8K re: compensation to execs.

1/22/10 8K re: '09 results: global comparable sales increase of 3.8%, fueled by the U.S. 2.6%, Europe 5.2% & Asia/Pacific, Middle East & Africa 3.4%; growth in McDonald’s combined operating margin to 30.1%; consolidated operating income increase of 6% (10% in constant currencies) over the prior year; earnings per share of $4.11, up 9% over the prior year; & return of $5.1 bil to shareholders through shares repurchased & dividends paid, bringing the 3-year total to
$16.6 bil under MCD’s $15 bil to $17 bil cash return to shareholders target for '07 through '09.

1/15/10 8K re: Donald Thompson elected Pres. & Chief Operating Officer. He's been with McDonald's for 19 years.

12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.

Merck MRK: 11/18/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.

Microsoft MSFT: 1/28/10 10Q.

1/28/10 8K re: record revenue of $19.02 bil for 2Q ended 12/31/09, a 14% increase from the same period of the prior year. Operating income, net income & diluted earnings per share for the quarter were $8.51 bil, $6.66 bil & $0.74 per share, which represented increases of 43%, 60% and 57%, respectively, when compared with the prior year period.

12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.

Pfizer PFE: 12/16/09 8K re: amendment of bylaws & change in fiscal year.

Procter & Gamble PG: 1/28/10 8K re: net sales growth of 6% for the October - December quarter to $21.0 bil. Organic sales grew 5%. Diluted net earnings per share were $1.49.

1/28/10 10Q

1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.

1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.

12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.

12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.

12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.

3M MMM: 1/28/10 8K re: 4Q earnings of $1.30 per share on sales of $6.1 bil, with operating income margins of 21.9%. Sales & per-share earnings increased 11.1% & 69% year-on-year, respectively. Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions. Free cash flow for 4Q grew by 16% to $770 million. 3M '09 sales of $23.1 bil & earnings per share of $4.52, down 8.5% & 7.6% respectively. Excluding special items, '09 earnings declined 9.3%to $4.69 per share.

Travelers TRV: 1/26/10 8K re: net income of $1.285 bil, or $2.36 per diluted share, for the quarter ended 12/31/09, compared to $801 mil, or $1.35 per diluted share, for the quarter ended 12/3108. Operating income in the current quarter was $1.155 bil, or $2.12 per diluted share, compared to $939 mil, or $1.58 per diluted share, in the prior year quarter.

United Technologies UTX: 1/27/10 8K re: 4Q '09 earnings per share of $1.15 & net income attributable to common shareowners of $1.1 bil, down 7% and 6%, respectively, over the year ago quarter. Consolidated revenues for the quarter of $14.1 billion were 5% below prior year.

Verizon Communications Inc. VZ: 1/26/10 8K re: Consolidated cash flow growth in 4Q '09: $31.6 bil in cash flow from operations in '09, up $4.0 bil, or 14.5 percent, from '08 & other financial results inlcuding a loss of 23 cents per share and adjusted earnings of 54 cents per share, compared with 4Q '08 EPS of 43 cents and 61 cents, respectively.

WalMartWMT: 1/28/10 8K re: business restructurings to leverage operating expenses consistent with its priorities of growth, leverage and returns. These include the closure of 10 Sam’s Clubs announced on 1/11/10, the elimination of Sam’s Club new business membership representatives, the new operations structure for Walmart U.S.; the integration of the Puerto Rican operations into Walmart U.S. and Sam’s Club.
The net impact from the charges for these business restructurings on 4Q earnings for fiscal year 2010 is estimated to be 0.04 per share. Walmart will announce fourth quarter earnings before the market opens on February 18, 2010.

12/8/09 10Q